AGM Statement

Monks Investment Trust PLC
30 July 2002


                 THE MONKS INVESTMENT TRUST PLC (THE 'COMPANY')

                         RENEWAL OF BUY BACK AUTHORITY


At the seventy-third Annual General Meeting of the Company held yesterday (29
July 2002), shareholders approved a resolution renewing the Company's authority
to make market purchases of up to 14.99 per cent of the Company's current issued
share capital, being 44,123,858 shares. Such authority unless previously varied,
revoked or renewed will expire at the conclusion of the Annual General Meeting
of the Company to be held in respect of the year ending 30 April 2003 or 28
January 2004, whichever is the earlier. Future purchases of shares will only be
made at prices which, after allowing for costs, will enhance the net asset value
of the Company.


                                                           Baillie Gifford & Co.

                                                             Company Secretaries


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